We could start another war with 850 Billion dollars, Look out Pakistan and Iran!
The U.S. House of Representatives approved an $850 billion bank and mortgage bailout plan Friday that has the federal government buying up bad mortgages from hurting lenders with the aim of unfreezing credit markets.
The measure passed Friday with more support from House Republicans than Monday when the bailout failed. The U.S. House Monday defeated a bailout-only plan forwarded by President Bush and U.S. Treasury Secretary Henry Paulson.
The bill, which passed the U.S. Senate Wednesday, has also been loaded up with $150 billion in tax breaks, extended tax credits and expands Federal Deposit Insurance Corp. account insurance to $250,000 from $100,000.
Tax breaks include new and extended credits for solar and other renewable energies, electric cars, energy-efficient dishwashers, clothes washers and other appliances, idling reduction technologies for trucks and tax credits for commuters who bike to work.
Wall Street and business groups, including chambers of commerce in Arizona, pushed for the bailout. They were afraid that a banking and credit collapse would sink the U.S. into a severe recession.
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